Granville Community Calendar

rORDINANCE NO. 32-95AN ORDINANCE PROVIDING FOR THE ISSUANCE OF1,390,000 OF NOTES BY THE VILLAGE OF GRANVILLE,OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDSFOR THE PURPOSE OF PAYING PART OF THE COST OFCONSTRUCTING IMPROVEMENTS TO THE MUNICIPALSANITARY SEWER SYSTEM, AND DECLARING ANEMERGENCY.WHEREAS, this council has heretofore determined the necessity ofconstructing improvements to the sanitary sewer system of this municipality; andWHEREAS, the Director of Finance, the fiscal officer of this municipality,has heretofore estimated that the life of the project hereinafter described is at least five (5)years, and certified that the maximum maturity of the bonds issued therefore is forty (40)years, and of the notes to be issued in anticipation thereof is twenty ( 20)years; andWHEREAS, this council expects that the debt service on such notes and bondswill be paid from the net revenues of the municipal sanitary sewer system ( the "Revenues"); andWHEREAS, notes heretofore issued in anticipation of such bonds are about tomature and should be renewed in the amount of $1,390,000;NOW, THEREFORE, BE IT ORDAINED by the Council of Granville, Ohiohereinafter called the "Municipality"):SECTION 1. That it is necessary to issue bonds of the Municipality in theprincipal amount of $1,390,000, for the purpose of paying part of the cost of constructing improvements to the municipal sanitary sewer system. Such bonds shall be datedapproximately November 1, 1996, shall bear interest at the rate of approximately nine cent 9 ( %) per per annum and shall mature in substantially equal annual or semiannualinstallments over a period not exceeding forty 4(0)years after their issuance.SECTION 2. That it is hereby determined that notes h(ereinafter called the oNf soaitdes"in) the principal amount of $1,390,000 shall be issued in anticipation of the issuance bonds.VILLAGE OF GRANVILLE, OHIOSECTION 3. That the Notes shall be dated November 21, 1995, shall bear1 interest at the rate of 64)p<oin4 Ze-3* , <Siiper cent ( 4.66 %per)annum, payable at maturity, shall mature on November 19,1996, and shall be of such number and denominations of $100,000 or more as may berequested by the purchaser.SECTION 4. That the Notes shall bear the signatures of the Village Managerand Director of Finance, provided that one of such signatures may be a facsimile, and maybear the seal of the Municipality or a facsimile thereof. The Notes shall be designatedSanitary Sewer Improvement Bond Anticipation Notes, Second (1995)Renewal", and shallbe payable at such bank or trust company designated by the original purchaser of the Notesand approved by the Director of Finance, and shall express upon their faces the purpose forwhich they are issued and that they are issued in pursuance of this ordinance.SECTION 5. That the Notes shall be sold, at par and accrued interest, toSeasongoodM &ayer, Cincinnati, Ohio, in accordance with their offer to purchase, which ishereby accepted. The Village Manager and Director of Finance, or either of them, are eachhereby authorized to execute and deliver a purchase agreement for the Notes in substantiallythe form submitted to this council with such changes as may be approved by the officersexecuting the same, their execution on behalf of the Municipality to be conclusive evidenceof such authorization and approval. The proceeds from the sale of the Notes, except anypremium or accrued interest thereon, shall be paid into the proper fund and used for thepurpose aforesaid and for no other purpose, and for which purpose such proceeds are herebyappropriated. Any premium and accrued interest received from such sale shall be transferredto the bond retirement fund to be applied to the payment of principal and interest on theNotes in the manner provided by law.SECTION 6. That the Notes shall be the full general obligations of theMunicipality, and the full faith, credit and revenue of the Municipality are hereby pledgedfor the prompt payment of the same. The par value received from the sale of bondsanticipated by the Notes, and any excess fund resulting from the issuance of the Notes, shallto the extent necessary be used only for the retirement of the Notes at maturity, together withinterest thereon and is hereby pledged for such purpose.SECTION 7. That during the period while the Notes run, there shall be leviedupon all of the taxable property in the Municipality, within applicable limitations, in additionto all other taxes, a direct tax annually, not less than that which would have been levied ifbonds had been issued without the prior issue of the Notes; said tax shall be and is herebyordered computed, certified, levied and extended upon the tax duplicate and collected by thesame officers in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof.2-The funds derived from said tax levy hereby required shall be placed in aseparate and distinct fund and, together with interest collected on the same, shall beirrevocably pledged for the payment of the principal and interest of the Notes, or the bondsin anticipation of which they are issued, when and as the same fall due; provided, however,to the extent Revenues or other moneys are available and appropriated for debt service in asufficient amount, said tax shall not be collected for such purpose.SECTION 8. That this council, for and on behalf of the Municipality, herebycovenants that it will restrict the use of the proceeds of the Notes hereby authorized in suchmanner and to such extent, if any, and take such other actions, as may be necessary, aftertaking into account reasonable expectations at the time the debt is incurred, so that they willnot constitute obligations the interest on which is subject to federal income taxation orarbitrage bonds"under Sections 103b( )2()and 148 of the Internal Revenue Code of 1986, asamended ( the "Code") and the regulations prescribed thereunder and will, to the extentpossible, comply with all other applicable provisions of the Code and the regulationsthereunder to retain the exclusion from federal income taxation for interest on the Notes,including any expenditure requirements, investment limitations or rebate requirements or userestrictions. The Director of Finance or any other officer having responsibility with respectto the issuance of the Notes is authorized and directed to give an appropriate certificate onbehalf of the Municipality, on the date of delivery of the Notes for inclusion in the transcriptof proceedings, setting forth the facts, estimates and circumstances and reasonableexpectations pertaining to the use of the proceeds thereof and the provisions of the Code andthe regulations thereunder.SECTION 9. That the Notes are hereby designated as "qualified tax-exempt obligations"to the extent permitted by Section 265(b)of the Code. This council finds anddetermines that the reasonably anticipated amount of tax-exempt obligations ( whether or notdesignated as qualified)issued and to be issued by the Municipality during this calendar year including the Notes does not, and this council hereby covenants that, during such year, theamount of tax-exempt obligations issued by the Municipality and designated as "qualifiedtax-exempt obligations" for such purpose will not, exceed $ 10,000,000. The Director ofFinance and other appropriate officers, and any of them, are authorized to take such actionsand give such certifications on behalf of the Municipality with respect to the reasonablyanticipated amount of tax-exempt obligations to be issued by the Municipality during thiscalendar year and with respect to such other matters as appropriate under the Code.SECTION 10. That the Director of Finance is hereby directed to forward a certified copy of this ordinance to the county auditor.SECTION 11. That it is found and determined that all formal actions of thiscouncil concerning and relating to the passage of this ordinance were passed in an open meeting of this council, and that all deliberations of this council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with the law, including Section 121.22 of the Ohio Revised Code.I3-SECTION 12. That this ordinance is hereby declared to be an emergencymeasure necessary for the immediate preservation of the public peace, health, safety, moralsand welfare of the inhabitants of the Municipality for the reason that the immediate issuanceand sale of the Notes is necessary to provide for the orderly financing of the improvementsto which the Notes relate, and, therefore, provided this ordinance receives the affirmativevote of at least five members elected or appointed to this council, it shall be in full force andeffect immediately upon its passage.PASSED: November 1, 1995.Attesi ll «(1, 4 %r"ulte Clerk of CouncilMayor L4-CERTIFICATEThe undersigned hereby certifies that the foregoing is a true and correct copyof Ordinance No. d/95- .l_0,-r«LL Ckler.krof Croun*Lcil --jCERTIFICATEThe undersigned hereby certifies that a copy of the foregoing ordinance wascertified this day to the County Auditor of Licking County, Ohio.D ctor of FinanceDated: November / ,1995RECEIPTThe undersigned hereby acknowledges receipt of a certified copy of the foregoing ordinance.4714044-0/4 county AuditorLicking County, OhioDated: November Z , 19955-6)The Underwriters shall have the right to cancel their obligation to purchase the Notes,by notifying you of their election to do so, if (i)the President of the United States orany agency or instrumentality of the Federal Government should announce a plan,program or proposed legislation which, if implemented or adopted, would affect thetax-exempt nature of the interest on the Notes or (ii)between the date hereof and theClosing, legislation shall have been enacted or introduced by the Congress of the UnitedStates or shall have been reported out of committee or be pending in committee or adecision shall have been rendered by a court of the United States or the Tax Court ofthe United States, or a ruling shall have been made or a regulation shall have beenproposed or made or any other release or announcement shall have been made by theTreasury Department of the United States or the Internal Revenue Serv.ice, or 9therfederal or Ohio authority, with respect to interest received on obligations bf thee n*eralcharacter of the Notes, that in our reasonable judgment, materially adversely affects themarket for the Notes or the market price generally of obligations of the generalcharacter of the Notes, or (iii)there shall have occurred any outbreak of hostilities orother local, national or international calamity or crisis, or a default with respect to the.debt obligations of,or the institution of proceedings under the federal bankruptcy lawsby or against,any State of the United States or agency thereof, or any city in the UnitedStates having a population of over one million, the effect of which on the financialmarkets of the United States will be such as, in our reasonable judgment, makes itimpracticable for the Underwriters to market the Notes or to enforce contracts for thesale of the Notes, or (iv)there shall be in force a general suspension of trading on theNew York Stock Exchange or minimum or maximum prices for trading shall have beenfixed and be in force, or maximum ranges for prices for securities shall have beenrequired and be in force on the New York Stock Exchange, whether by virtue of a determination by that Exchange or by order of the Securities and Exchange Commissionor any other governmental authority haviog jurisdiction, or (v)a general bankingmoratorium shall have been declared by either federal, New York or Ohio authoritieshaving jurisdiction and be in force, or (vi)legislation shall be enacted or be proposedor actively considered for enactment, or a decision by a court of the United States shallbe rendered, or a ruling, of the Securities and Exchange Commission or other governmental agency having jurisdiction of the subject matter shall be made to the effect that the Notes or any securities of the political subdivision or any securities similar to the type contemplated herein e(xclusive of industrial development bonds as defined by Section 103c( )of the Internal Revenue Code, as amended)are not exempt from the registration, qualification or other requirements of the Securities Act of 1933, as amended and as then in effect, or any indentures similar to the Indenture are not exempt from the registration, qualification or other requirements of the Trust Indenture Act of 1939, as amended and as then in effect, or v(ii)there shall have been any material adverse change in the affairs of the political subdivision, or v( iii)there shall be established by the Federal, Ohio or New York State government wage or price controls,5)The Notes are to be delivered to us in our offices on or before the dated date of theissue.SEASONGOODM&AYERSPECIALISTS IN PUBLIC FINANCE SINCE 1887November 1, 1995Village CouncilVillage of Granville118 S. Main StreetP.O. Box 514Granville,OH 43023-0514Gentlemen:300 Mercantile Library Bldg.414 Walnut StreetCincinnati, Ohio 45202-3910513)621-2000·FAX(513)621-5259For the $1,390,000 Village of Granville, Ohio Sewer System Project General Obligation BondAnticipation Notes, Limited Tax to be dated November 21, 1995, and to mature November 19,1996, bearing interest at the rateof 6*6:5 %inte,rest payable at maturity, we will pay you thepar value thereof plus accrued interest to date of delivery. These Notes are to be payable inFederal Reserve Funds at: The Fifth Third Bank, Cincinnati, Ohio.This offer is made subject to the following conditions:1) We wish the opinion to address the status of the notes with respect to "BankQualification"under Section 265 of the Internal Revenue Code of 1986, as amended;we also wish an opinion from Peck, Shaffer &Williams, Columbus, Ohio, bondcounsel, to the effect that, based on present laws, regulations, rulings and decisions ineffect on the date of delivery of the Notes, interest payable on the Notes is excludablefrom gross income for Federal income tax purposes, except that interest on the Noteswill have to be included in the adjusted current earnings of certain corporations andsuch corporations would be required to include in the calculation of alternativeminimum taxable income 75 %of the excess of such corporations' adjusted current earnings over their alternative minimum taxable income d(etermined without regard to this adjustment and prior to reduction for alternative tax net operating losses)forpurposes of determining such corporations' liability for the alternative minimum tax.2)Note blanks ready for signature in denominations suitable to us, will be supplied by you.3)Any additional issuance expenses to be paid by you, including printing costs, paying agent fees,OMAC fees, etc.4)This offer is made for immediate acceptance or rejection.or credit constraints,which, in the reasonable opinion of the Underwriters would affecttheir ability to market the Notes.7)The Village certifies that the Notes are classified as "qualified"securities under the TaxReform Act of 1986.8) Upon acceptance by proper action of the Village Council this instrument shall becomea binding contract between us according to its terms.Respectfully submitted,SEASONGOODM &AYERBy:Joseph P. Magdich, General PartnerAccepted for and on behalf of the VILLAGE OF GRANVIL];E, OHIO under authorizationpreviously granted by the Village Council this 2-glayof0 #1N/{-fc1*9'95.ATTEST:BY ·.GC;L 8-FY-l.E£LU1iv<hA: l0acfl flf1 c Ufler-.116EXTRACT FROM MINUTES OF MEETINGThe Council of the Village of Granville,Ohio,met in regular session at 7:30p.m. on the 1 st day ofNovember, 1995, at Council Chambers, 141 East Broadway,Granville,with the following members present:Vice Mayor Peter MarshallCouncilmember Dorothy GarrettCouncilmember Marc ShulmanCouncilmember Maxine MontgomeryCouncilmember Kevin BennettCouncilmember Daniel FreytagA Certificate As To The Maximum Maturity of Bonds and Bond AnticipationNotes was presented to Council.Ordinance No. 329- 5,A "n Ordinance Providing For The Issuance Of1,390,000 OfNotes By The Village Of Granville,Ohio In Anticipation Of TheIssuance Of Bonds For The Purpose OfPaying Part Of The Cost Of ConstructingImprovements To The Municipal Sanitary Sewer System,And Declaring AnEmergencyw"a, s introduced and its title read by Councilmember Freytag.Councilmember Freytag then moved to adopt Section 12,the emergency clause,and read that section in its entirety. Seconded by Councilmember Bennett.Roll call vote: Freytag yes,Bennett yes,Montgomery yes,Shulman yes, Garrett yes,Vice Mayor Marshall yes. The emergency clause was adopted.Councilmember Freytag then moved to adopt Ordinance No. 32-95 Seconded by Councilmember Garrett.Roll call vote: Garrett yes,Shulman yes,Montgomery yes,Bennett yes,Freytagyes,Vice Mayor Marshall yes. Six yes votes. Ordinance No. 32-95 was adopted.CERTIFICATEThe undersigned, Clerk of Council of the Village of Granville, hereby certifiesthat the foregoing is a true and correct extract from the minutes of a meeting of the Councilof said Village, held on the 1st day of November, 1995, to the extent pertinent toconsideration and passage of the above-entitled legislation.AjLL,A-rv7JigClerk of Counc#2-CERTIFICATE OF POSTINGThe undersigned, Clerk of Council of the Village of Granville, Ohio ( theVillage"h)e,reby certifies that Ordinance No. c*)9 5 d ul-y passed by the Council ofthe Village on November 1, 1995 was published within one week of its passage by posting incompliance with Sections 3.04 and 3.06 of the Charter of the Village.Dated: November 9-,1995ICtfl.tc 2 ») Clerk of CouncilVillage of Granville, OhioCERTIFICATE OF MEMBERSHIPThe undersigned, Clerk of Council of the Village of Granville, County ofLicking. Ohio. hereby certifies that the following were the officers of said village andmembers of council during the period proceedings were taken authorizing the issuance of1,390,000 Sanitary Sewer Improvement Bond Anticipation Notes, Second (1995)Renewaldated November 21, 1995:Mayor -Member of CouncilVice Mayor -Member ofCouncilMember of CouncilMember of CouncilMember of CouncilMember of CouncilMember of CouncilSolicitorClerk of CouncilFinance DirectorManagerPlease Type or Print Names]trnold Esr.lbe1, - 1 2(c'rd 1/j--9 <)-t\r a f s«hj1bro6-1/ 68-rve#FVu'c Shep (rlanhvdmt HPAY¥nuV4L,d 9.469 Ru& 3 4vrs*li,c 1 i I Ic/r*Ohirie1 7206e4-6,n 630 *18*nk&4Cah8£.Mi- Clerk of CouncilTRANSCRIPT CERTIFICATEThe undersigned Clerk of Council of said village hereby certifies that the attached is a true and complete transcript of all proceedings relating to the authorization and issuance of the abovei-dentified obligations, and that all such proceedings were held in compliance with the law, including Section 121.22 of the Revised Code of Ohio.4 LZ-nt S. 7 0»4£,u Clerk of CauncilCERTIFICATE AS TO MAXIMUM MATURITY OFBONDS AND BOND ANTICIPATION NOTESThe undersigned Director of Finance of the Village of Granville, Ohio, beingthe fiscal officer of the Village within the meaning of Section 133.01 of the Ohio RevisedCode, hereby certifies to the council of the Village that the estimated life or period ofusefulness of each of the improvements to be acquired with the proceeds of the sale of1,390,000 of bonds, for the purpose of paying part of the cost of constructing improvementsto the municipal sanitary sewer system, is at least five (5)years, and that the maximummaturity of said bonds, calculated in accordance with Section 133.20 of the Ohio RevisedCode, is forty ( 40)years, and the maximum maturity of notes in anticipation of such bonds istwenty (20)years, assuming compliance with Section 133.22 of the Ohio Revised Code.IN WITNESS WHEREOF, I have hereunto set my hand this 1st day ofNovember, 1995.ghitGiLDir 2tor of Finance